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The growing competitive landscape in the metaverse-powered social media segment

Metaverse has become the go-to strategy among all major firms, including startups, across different industry verticals. From tech giants to luxury brands and retailers, everyone is seeking to dip their toes into the virtual world and capitalize on the widespread optimism in the segment.<br>https://www.techinsight360.com

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The growing competitive landscape in the metaverse-powered social media segment

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  1. The growing competitive landscape in the metaverse-powered social media segment Metaverse has become the go-to strategy among all major firms, including startups, across different industry verticals. From tech giants to luxury brands and retailers, everyone is seeking to dip their toes into the virtual world and capitalize on the widespread optimism in the segment. Even innovative startups are seeking to leverage the hype around the metaverse to compete with leading social media platforms by attracting Gen Z users to their platforms.

  2. TECHINSIGHT360

  3. Read More - Meta’s metaverse dreams have been outpaced by internet giants in South Korea Personalized rooms, picnic spaces, and online games were among the other factors that drove user adoption for Bondee in Singapore and in other Southeast Asian markets. Although the avatar-based social media platform is free to download, the firm aims to make revenue through in-app purchases. For instance, to buy specific items in the metaverse environment, users have to use cash to obtain B-beans, which can then be used for making specific in-app purchases. From the short to medium-term perspective, TechInsight360 also expects Bondee to make its foray into the non-fungible tokens (NFTs) category, to add another revenue stream for its business growth.

  4. Read More - Robloxmetaverse ecosystem shows strong user adoption in a boost for the global metaverse sector Horizon Worlds, the metaverse social experience platformlaunched by Meta where users can explore, play, and create, also faced a similar problem in 2022. Notably, the platform was struggling to retain users for more than a month. In a bid to boost user engagement, Meta is now in the process of launching a revamped Horizon Worlds platform that is targeted toward Gen Z users. In 2023, one of the major focus areas for Meta is to increase its retention rate among both teens and young adults. Consequently, for Horizon Worlds to succeed in user retention, the platform has to serve the needs of this users.

  5. Read More - Reddit lays out the blueprint to engage the audience and drive NFT adoption With the firm’s strategy to make significant changes to its Horizon World platform, investment in the service is also projected to grow significantly from the short to medium-term perspective. In 2022, the firm announced that it plans to allocate nearly 20% of its 2023 expenses to the metaverse unit. From the short-term perspective, the firm had also announced that it plans the Reality Labs division to report operating losses. In 2022, the division reported over US$13 billion in losses. While the firm spent approximately US$16 billion on the development of the metaverse, the sector generated only US$2 billion in revenue for Meta.

  6. Contact Us info@techinsight360.com +1 (813) 694-7124

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